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Revego Africa Power Ltd (Revego), a fund supervisor centered on working renewable vitality belongings in sub-Saharan Africa, has acquired fairness pursuits in a portfolio of three photo voltaic PV crops in South Africa. The mixed capability of those photo voltaic PV crops is 52 MW.
Revengo has acquired stakes within the Aries Photo voltaic Park and Konkoonsies Photo voltaic Park, each services positioned within the Northern Cape province, together with the Soutpan Photo voltaic Park positioned within the Limpopo province. With this acquisition, Revego’s portfolio now consists of 4 photo voltaic and three wind belongings, all of which have a 20-year energy buy settlement.
Aries and Konkoonsies crops every have a capability of 11 MW, whereas Soutpan has a capability of 30 MW. The photo voltaic services had been constructed as part of Bid Window 1 of South Africa’s Renewable Power Impartial Energy Producers Procurement Program (REIPPPP) and operational since 2014. Globeleq, a number one impartial energy producer in Africa, is almost all shareholder in all these three initiatives.
The acquisition is in step with Revego’s technique of investing in a diversified portfolio of renewable vitality initiatives in Africa, which have a superb monitor file of producing steady money flows and producing an above-inflation dividend yield over an extended interval.
The Aries, Konkoonsies, and Soutpan crops combinedly generate round 105,000 MWh of electrical energy, which is adequate to energy 23,000 households in South Africa. The crops assist in avoiding over 29,000 CO2 emissions yearly and aiding clear vitality transition within the nation.
Ziyaad Sarang, Chief Funding Officer of Revego Fund Managers, commented, “Revego’s long-term ambition is to be one of many main renewable vitality funding firms, underpinned by investments in a geographically numerous portfolio of belongings that cut back carbon emissions and improve resilience to local weather change.”
In keeping with Sarang, the photo voltaic initiatives not solely present reasonably priced and clear vitality (SDG 7), but in addition help the economies in distant areas of the nation (SDG 8 – first rate work and financial progress) and assist construct the long run’s vital infrastructure (SDG 9 – trade, innovation, and infrastructure).”
The acquisition will probably be partly funded via a follow-on dedication from UK Local weather Investments (UKCI) into Revego price £15 million, an additional endorsement of Revego. The UKCI is a UK Authorities Worldwide Local weather Finance car that goals to spend money on inexperienced vitality initiatives in a number of the world’s most carbon-intensive rising economies.